What is wrong with the financial statements if an accountant records the receipt and payment of a utility bill as advertising expense?

a) Net income is unaffected and stockholders equity is unaffected.

b) None of the above

c) Net income is overstated, stockholders equity is understated, and total assets is overstated

d) Net income is understated and stockholders equity is understated

e) Net income is overstated, stockholders equity is overstated, and total assets is overstated